Registered number
08900858
Tictak Limited
Filleted Accounts
30 June 2023
Tictak Limited
Registered number: 08900858
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 62,770 17,326
Current assets
Debtors 4 16,957 34,815
Cash at bank and in hand 19,900 17,163
36,857 51,978
Creditors: amounts falling due within one year 5 (20,200) (16,788)
Net current assets 16,657 35,190
Total assets less current liabilities 79,427 52,516
Creditors: amounts falling due after more than one year 6 (74,202) (52,356)
Net assets 5,225 160
Capital and reserves
Called up share capital 100 100
Profit and loss account 5,125 60
Shareholders' funds 5,225 160
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Robin Jonathan Thomas Malyon
Director
Approved by the board on 7 March 2024
Tictak Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 2,977 23,490 26,467
Additions 125 59,671 59,796
Disposals - (5,000) (5,000)
At 30 June 2023 3,102 78,161 81,263
Depreciation
At 1 July 2022 1,883 7,258 9,141
Charge for the year 219 12,981 13,200
On disposals - (3,848) (3,848)
At 30 June 2023 2,102 16,391 18,493
Net book value
At 30 June 2023 1,000 61,770 62,770
At 30 June 2022 1,094 16,232 17,326
4 Debtors 2023 2022
£ £
Trade debtors 15,852 27,210
Other debtors 1,105 7,605
16,957 34,815
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 754 1,087
Taxation and social security costs 796 15,701
Other creditors 18,650 -
20,200 16,788
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 26,867 36,564
Obligations under finance lease and hire purchase contracts 47,335 15,792
74,202 52,356
7 Other information
Tictak Limited is a private company limited by shares and incorporated in England. Its registered office is:
45 Morrish Road
London
SW2 4EE
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